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Jaipur Rough Emerald Auction Nets Gemfields $11M

Nov 30, 2011 6:22 AM   By Dilipp S Nag
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RAPAPORT... Gemfields concluded its auction of predominantly lower-quality rough emerald and beryl in Jaipur, India, on November 25, 2011, achieving a sales total of $11 million.

Gemfields offered 10.8 million carats for sale of which 9.8 million carats were sold. Thirty eight companies were invited to participate in the auction and 27 of these placed bids on the goods. The auction was held between November 21 and 25.

Gemfields raised $9.9 million for 12.98 million carats in a similar emerald auction held in March this year in Jaipur, popularly known as the Pink City of India as well as for its heritage jewels and gemstones.

The average quality-for-quality per carat prices increased 46 percent to $1.12 in November auction from 77-cents in March 2011, indicating the robust growth in both prices and demand for emeralds, the company said.

''Gemfields is yet again delighted to announce robust sales from our most recent auction of rough emeralds from our Kagem emerald mine in Zambia,'' said Ian Harebottle, the chief executive of Gemfields. ''With each auction it becomes increasingly clear that our team and our industry partners are making significant progress in delivering on our vision of ensuring that colored gemstones take their place alongside diamonds and other luxury goods.''

Gemfields stated that the Jaipur auction was also used as a platform to further trial the sale of rough emerald and beryl acquired or made available to the market from other sources of supply. The auction results underscore continuing robust global demand for Gemfields’ ethical Zambian emeralds, it added.

The company stated that it has so far generated sales of $42.6 million from two auctions during the current financial year ending June 30, 2012, exceeding last year’s annual revenue by $2.4 million.

Gemfields will hold a rough emerald auction in March 2012, consisting of predominantly higher-quality rough.
Tags: auction, Dilipp S Nag, emerald, Gemfields, Ian Harebottle, jaipur, rough
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